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The Independent UK
The Independent UK
National
Fatima Hussein

Faster IRS offering better picture on looming debt 'X-date'

Copyright 2016 The Associated Press. All rights reserved.

That big infusion of cash that Congress approved last year to shape up the beleaguered IRS is having an unexpected side benefit.

The funding increase has helped the agency to catch up on processing new and backlogged tax returns. And that, in turn, has allowed federal bean-counters to give policymakers a more precise picture of when the Treasury could run out of money — the so-called X-date — if the government isn't able to take on more debt.

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